Few things are more important than having the right insurance coverage. About ten years ago, I was involved in a near-fatal crash where I experienced traumatic physical and emotional injuries. It was really challenging for me to endure the hospital stay and subsequent physical rehabilitation, but with the help of my medical team and my insurance company, I was able to overcome the challenge and completely recover. This blog is all about the importance of choosing the right insurance plan so that you can get on with your life and enjoy those precious years with your family and your friends.
There are an estimated 23.5 million people in the U.S. with autoimmune disorders—and there's a strong genetic relationship among them. That means that if you have a parent or sibling with an autoimmune disorder, you need to have a plan for your own future security, just in case you also develop an illness. These are some things that you want to consider doing while you're still healthy.
Make an appointment with an attorney to discuss estate planning.
The onset of an autoimmune disorder can strike without warning, and you want to make sure that you have a contingency plan in place if you can't handle your own affairs. Aside from a will, you want to have your medical and financial powers of attorney in place so that someone can handle your affairs for you if you're too sick to make decisions for yourself.
Take out loan protection coverage whenever possible.
Loans given to finance major purchases, like houses, cars, and even appliances, usually come with optional coverage that will kick in if you become disabled. Even some store credit cards offer this option. Many people don't take the option because it costs a little extra each month for the coverage. If you know that you have a strong chance of developing a disabling autoimmune condition, however, it makes sense to take the optional coverage whenever possible. If you get sick and aren't able to work, your house, car, and credit cards with the coverage will all be paid off for you.
Take out private disability insurance.
Private disability insurance can help cover your lost wages if you get sick and aren't able to work. It's important to note that not all private disability insurance plans are equal, however. Comparing policies before you buy is always important, but consider looking for "own occupation" coverage. This type of policy covers you if you aren't able to continue working in your chosen field. Other policies can force you to accept work in other fields, even if they're lesser paying or menial. If you're in a professional occupation, look for residual disability insurance as well. If an autoimmune disorder makes it difficult to work full time, that type of policy can cover the gap in income caused by only being able to work a limited schedule.
Look for insurance with a premium waiver rider.
Premium waiver riders are offered with some types of life insurance. They kick in if you become disabled, and pay your life insurance premiums for you indefinitely, which eliminates one more bill that could become difficult to cover if you're suddenly unable to work. This helps provide long-term security for your family if an autoimmune disorder does strike. Visit a trusted insurance provider, such as Davies-Barry Ins, for the best deals.
The prospect of dealing with a life-changing autoimmune disorder is never pleasant, but you can reduce the uncertainty in your life as much as possible by carefully planning ahead.
Share7 July 2016
